For as long as I can remember, I’ve been told that I need to be patient. Slow and steady is the way to go. Whether it was saving up for a toy in my youth, or a car when I was a teen, or coins as an adult, setting aside a little money and avoiding impulse buys was always cautioned by those that are older and wiser. In 90% of my life, I do very well with that. With my car, my house, and my wife, I was patient, and chose well. The problem is, I’m not very good at it with coins. These round discs make me want to go and get a second mortgage, and barring that, rob the bank that wouldn’t give it to me. Okay, so I’m not that bad, but I do get a powerful itch to buy and bolster my collection, and I probably spend too much time looking for the next purchase without the cool head of somebody that knows with patience, I could probably get a better deal by just waiting. So perhaps the worst thing about impulse buys is that, when a really good deal comes around, the money is not there to take advantage. So what’s the point? Well, I guess I’m wondering what sort of stories you guys have about how patience, or lack thereof, has affected you in collecting. I’ve heard a few cautionary tales about 20+ year collections bringing only ½ of what the seller originally paid. However, I have a lot of friends that are building collections with just choice coins, slowly and steadily, and will likely make out like bandits when it’s time to sell. Does anybody have any edifying tales to share with a guy that is old enough to know better…?
I could share numerous stories and examples of the benefits of being patient. And I could share many stories from my youth of where being impulsive and impatient had the opposite effect. I guess what I'm trying to say is that I learned my lessons the hard way, made way more than my share of mistakes. When it comes to coin collecting, just about any mistake or screw up you can think of - I've done it. And usually several times. But that is why I do what I do now. I no longer collect coins, I merely study them. But all of the lessons, the hard lessons, that I have learned over the years, those are things that I try to point to people today so that they can learn from my mistakes, so they can learn what not to do, without having done it themselves like I did. You want bad ? I can tell you about the bad. About wanting a particular coin and buying the first example that I managed to run across, even though it was not really the coin I wanted for my collection, at least not as nice of one as I wanted. And then, a few months later, sometimes even a matter of weeks, finding another example that was the coin I wanted, and at half the price of the first example. I've got lots of stories like that. Way too many to list here. But I've also got good stories. Like when I was trying to assemble examples of all of the original Mint Sets and Proof Sets from 1936 on. I can tell you about how many years I searched, about the thousands and thousands of sets I picked through one at a time at coin shows, at dealer shops, magazine ads, and later when the internet came along through all that I could find there. And only buying the finest examples with the nicest coins. It took me many years, decades. But in the end I had all of the original Mint Sets back to 1949, most of them with great luster, clean coins, and more than a few with gorgeous toning. The original Proof Sets I had back to 1950, again each with exceptional coins, and almost every older set containing at least 1, 2, or 3 cameo or deep cameo coins, and all of the newer sets in deep cameo. And each and every one in original mint packaging. But even with all of that patience I never managed to obtain original Proof sets from '36 to '41. Even in all of those years I never managed to even find an example of one of those original sets, with one exception. Not long before I gave up on US coins and switched to collecting world coins I did find a single example of a 1941 original Proof set, it was the only one I had ever even heard of being for sale. But at the time I just didn't have the money so I had to let it go. I guess the point is that patience allowed me to assemble what in my opinion was one of the finest collections of original Mint and Proof Sets ever put together, even if it did take me almost 30 years. That's the benefit of patience, and what the lack of it can do.
I view coin collecting impatience as a sympton caused by the fear of poverty-the #1 item in Napoleon Hill's Six Ghosts of Fear. It's the fear of "missing the boat." We're not alone with this. People jump into wallstreet oinkers with 100/1 PE's. People spent $50 million on "works of art" that look as though they were "created" by a four year old. No one wants to miss the money boat. I think most of humanity is totality gripped by one or more of Napoleon Hill's Six Ghosts of Fear. We can fight the symptons, forever, or we can defeat the cause.
some patience is needed if the coin your dreaming about does not come on the market until 10-20 years later. I've had my eye on this coin for 1 year now and it just a matter of money. not a crazy amount, but just enough to make it hurt. lol I am supposed to be getting a big check soon for something and when it does come in I will buy this coin. so my patience is going crazy now.
When I see a coin that I like, I have to buy before it is gone to someone else, I don't think about the 100,000,000.00 that have been produced and there are plenty more fish in the sea so to speak.
I like being patient when I really don't know what I'm buying, but if it's a good deal and I have the money, I have a hard time being patient. It does help if you are willing to walk away.
This is one of the reasons I cleaned up my collection. I have narrowed it down quite a bit. Now I buy coins specific to each collection - the main one I work on is my large cents. The other sets I just about have to fall into a coin - I do not actively search, but sometimes a new coin pops up on one of my favorite sellers. I also believe if the coin is right and the price is about right - then I do not worry about finding another cheaper. Like Doug says patience prevents you from buying a coin not right for your collection. I won't say it will save you money - I try to strike a balance. But sometimes a premium might just have to be paid.
When I got serious again a few years ago I started buying everything I saw as finally getting online I saw all kinds of stuff I never saw before. Bought a lot of problem coins I wish I hadnt too. I still don't have tons of focus and get distracted when I see a great coin regardless of if its a series I collect but is not a bad investment if it's a quality piece. I still don't mind waiting for something great and am trying to find the best original color trades I can but when I need a coin fix I been filling in the more common stuff in my type set with nice examples
This is a great answer, as it addresses the issue of discontent, regardless of the object of the discontent. There is a way out of fear, and it involves the spiritual discipline of gratitude, which can be practiced in a variety of ways. If I'm not rigorous in my discipline of gratitude, I find myself pining away for all the things I don't (and may never) own, and I reject the abundant gifts that I do have right before me.
Like Mark, my main focus is on large cents. And having gathered over the years nearly 200 of the varieties, I have no option but to be patient now, as the opportunities to acquire the pieces I need is dwindling. Therefore when one surfaces I'm either forced to act, or once again be patient as it may be decades before another resurfaces. Patience fueling spontaneity.
I never realized that we had collecting Mint Sets in common, Doug. You learn something new every day, even about your old friends. (And almost nobody is older than YOU, Doug. )
Ahhhhh Mike, of course ya knew. I've talked about it many times over the years, many times. We have talked about it together many times. But since you are creeping up in years, you're becoming forgetful
Patience has been key for me especially in finding the right liberty cap large cent for my set, in the right grade, and and at the right price. I spent 4 months looking for an AG3 that didn't have gross planchet flaws, corrosion, scratches, or any other type of damage. When I finally found one on a bad picture gamble on eBay I was really happy. That coin is at CAC now however, because another one came on my radar out of the blue that I think will upgrade to VG10 for almost the same money I paid for the AG3. I think the bottom line in the hobby/business in general is that the nicer coin will always sell for more. That benefits both the buyer and the seller. When I first started collecting I did a Dansco 7070 and one day I decided to go crazy and add an XF Shield Nickel and an AU Half cent. I felt guilty about spending the money on these and decided to just cash it all out and buy only culls or ag coins and fill out the set. When I realized what I had done I knew that the hobby had changed for me. The best coins were more important than everything else I owned, And I haven't looked back.
